The Scream star was promoting his clothing line Propr on Lopez Tonight! when he reminded fans he was a former World Championship Wrestling champion for two weeks.
Jericho then appeared from backstage to take issue with Arquette, stating, "The fact that David Arquette was a champion is a facade and it's time... for me to erase Arquette's name from the championship record book... It's been 10 years, I've been waiting."
Arquette changed into the Randy 'Macho Man' Savage outfit he bought on eBay.com and prepared to take suited Jericho on, but no blows were exchanged.
After a little trash talk, the two men agreed to go head to head in a karaoke contest and belted out Bonnie Tyler's Total Eclipse of the Heart. Jericho, who fronts rock band Fozzy, was judged the winner.
It wasn't Jericho's first celebrity challenge - the fighter took issue with Mickey Rourke last year (09) after the actor starred in The Wrestler, and offered to fight him in the ring.